Alston Energy Inc. Announces the Filing of its Third Quarter Financial Statements and MD&A for 2012

TSX Venture Exchange Trading Symbol: ALO

CALGARY, Nov. 29, 2012 /CNW/ - Alston Energy Inc. ("Alston" or the "Company") is pleased to announce that it has filed its interim financial statements and related management's discussion and analysis ("MD&A") for the nine months ended September 30, 2012 with the Canadian securities regulatory authorities on SEDAR at www.sedar.com.   Selected financial and operational information is outlined below and should be read in conjunction with the financial statements and related MD&A.

The related documents can also be found on the Company's website www.alstonenergy.ca.

SUMMARY FINANCIAL RESULTS          
             
    Three months ended September 30   Nine months ended September 30
    2012 2011   2012 2011
($ thousands, except per share and production information)        
Sales          
  Oil (bbls/d) 274 229   279 187
  Natural gas (mcf/d) 1,093 615   763 733
             
  Oil ($ per bbl) 64.08 67.99   74.17 69.33
  Natural gas ($/mcf) 2.33 3.59   2.08 3.73
             
Summary statement of income          
             
Revenue, net of royalties 1,916 1,705   5,798 4,467
             
Expenses          
  Operating and transportation 1,102 1,035   3,336 2,263
  Depletion and depreciation 1,348 892   2,484 1,943
  Exploration and evaluation - -   10 -
  Impairment (recovery) of E&E and PP&E - (751)   - (941)
  Costs related to reverse acquisition 354 -   354 -
  General and administrative 585 314   1,636 1,428
  Stock based compensation 46 118   137 360
  Interest  112 38   225 196
  Accretion and finance  (2) 23   114 48
  Realized (gain) on financial instrument (46) (99)   (92) (103)
  Unrealized (gain) loss on financial instrument 212 (596)   62 (1,001)
  Other         72
             
  Income (loss) (1,795) (732)   (2,469) 201
             
  Income (loss) per share(2) (0.01) 0.03   (0.04) 0.02
             
Net working capital (deficit)(1) (8,627) (841)   (8,627) (109)
   
(1) "Total net working capital" is calculated as current assets less current liabilities.
(2) Due to the anti-dilutive effect of the Corporation's net loss for the three and nine months ended September 30, 2012, the diluted number of shares is equal to the basic number of shares.  Therefore, diluted per share amounts of the net loss and cash flow from operations are equivalent to basic per share amounts.
   

About Alston Energy Inc.

Alston Energy Inc. is a publicly traded junior oil producer targeting oil-based opportunities in Western Canada. The Company is focused on strategic oil-based acquisitions within its core areas, in addition to exploiting and exploring for incremental production and reserves.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

 

SOURCE Alston Energy Inc.

Copyright 2012 Canada NewsWire

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